外文翻译新兴的东亚债券市场.docx
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外文翻译新兴的东亚债券市场.docx
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外文翻译新兴的东亚债券市场
外文原文
TheEmergingEastAsianBondMarket
Abstract:
TherapidgrowthofEastAsia’sbondmarketsmirrorstheregion’sspectaculareconomicdevelopment.EastAsianbondmarketsareprojectedtothriveoverthenextdecade,reflectingcontinuedstrongprivatesectorgrowthanddeepeningfinancialreforms.
Introduction
EASTASIA’Sfinancialmarketshavecaughtup,thoughsomewhatbelatedly,withtherapiddevelopmentoftheregion’srealeconomy.Theregion’sfinancialmarkets,whichweredominatedbycommercialbanks,havebeentransformedbytheemergenceofawidearrayoffinancialinstruments,includingequitiesandbonds.Attheendof1994,totalmarketcapitalizationoftheEastAsiaStockExchangesamountedto71percentofEastAsianGDP,whilebondsrepresented22percentofGDP(Table1).(表2)ThedevelopmentofthesecuritiesmarketswasaidedbyincreasedforeignportfolioinvestmentinEastAsia’sboomingeconomies,whichwasattractedbyopencapitalaccounts,stableexchangerates,andsustainedmacroeconomicstability.
Theemergenceofbondmarketsislinkedtofinancialliberalization.Untilearly1980,EastAsianbankingsystemswererepressedbyextensivecontrolsoninterestratesandcreditallocation.Inrecentyears,reformshavedramaticallytransformedthefinancialenvironmentintheregion,givingaboosttothedevelopmentofbondmarkets.Sizeandstructure规模和结构
Althoughsmallcomparedwithbondmarketsinindustrialcountries,theEastAsianbondmarketisasubstantialpresenceinthebondmarketsofemergingmarketeconomies,representingabout40percentoftheircombinedmarketvalue.During1989–94,theEastAsianbondmarketgrewbyalmost10percentannually(seechart)—twicethegrowthrateofbondmarketsinGermany,Japan,theUnitedKingdom,andtheUnitedStates.
NationalgovernmentshavebeenbyfarthelargestissuersofsecuritiesintheEastAsianbondmarkets(Table2).Stateenterprisesandcentralbankswerealsosignificantissuersofbonds,particularlyintheRepublicofKorea.PrivatecorporationswerenotveryactiveintheearlystageofbondmarketdevelopmentinEastAsia,reflectingpervasivecontrolsonfinancialsystems,inadequateinvestorprotection,andtaxdiscrimination.Thesituationhaschangedinrecentyears,withfinancialandotherreforms;Corporatebondissueshavebeenrisingrapidly,bothinabsolutetermsandrelativetootherissuersofbondsinEastAsianmarketssince1990.
Thegrowthofprivatebondissueshasbeenstimulatedbythreemainfactors.First,mostEastAsiangovernmentshavebeencorporatizingandthenprivatizingtheirmajorstateenterprises,notablymajorpublicutilitycompanies.Sincetheintentionwasnottoshedownershipcontrolduringtheinitialphaseofprivatization,stateenterpriseswereencouragedtomeettheirfinancingneedsmainlybyissuingbondsinthedomesticmarket.ThisiswellillustratedbythecaseofThailand,wherestateenterprises’bondsconstitutethelargestsegmentofthedomesticbondmarket.Second,thefastestgrowingfirmstendtopreferbondtoequityfinancing,bothbecausebondsallowownerstoretaingreatercontrolovercorporatedecisionsandbecausetheirmassiveinvestmentrequirementscannotbeadequatelymetbybankfinanceorrightsissues.Third,whilecommercialbanksplayedavitalroleinitiallyinfinancingtheneedsofpublicandprivateenterprisesinEastAsia,theirabilitytocarryoutmaturitytransformationhasbeenseriouslyconstrainedoflatebylargecapitalrequirements.Toomuchlong-termlendinghasledtoassetandliabilitymaturitymismatches.Moreover,theadoptionofriskbasedcapital-adequacyrequirementshasrestrictedbanks’abilitytofinanceprivatefixedinvestments.
Threemajorclassesofinstitutionalinvestors—thecontractualsavingsector,pensionfunds,andfinancialinstitutions—holdthebulkofEastAsianbonds.Bondholdings
byindividualsarenegligible,exceptinChina,whereindividualsarethemajorinvestorsingovernmentbonds.Theextenttowhicheachoftheinvestorclassesdominatesthebondmarketsvariesfromcountrytocountry.InMalaysia,thePhilippines,andSingapore,thecontractualsavingssectorconstitutesthelargestsinglesegment.FinancialinstitutionsarethedominantbondholdersinKorea,thePhilippines,andThailand,althoughinThailand,mutualfundsarebecomingmoreprominentasmajorinvestorsinbonds.
HoldingsofEastAsianbondsbyforeignerssurgedbetween1990and1993(Table3).InternationalbondissuancebyEastAsiancountrieshasbeenverysuccessful,reflectingtheirpasteconomicperformance,goodtrackrecordsinservicingexternaldebt,andthegrowthpotentialtheyoffertointernationalportfolioinvestors.Foreigners’accesstodomesticbondmarketsintheEastAsiancountrieshasbeenlimitedinthemajormarkets,however,owingtothepoliciesoftheauthoritiesinthesemarkets.Indonesia,Malaysia,andThailandallowrelativelyeasyaccesstotheirdomesticbondmarkets,butthebondmarketinKoreaisnotopentoforeigninvestorstoanysignificantdegree,andChina’sbondmarketiscurrentlyclosedtoforeigninvestorsThemarkets
Primarymarkets.。
ThereisnouniformpracticeamongEastAsiancountriesregardingtheorganizationofprimarymarkets,therangeofissuersandinvestors,theinstrumentsavailable,andbond-issuancemethods.GovernmentbondsinprimarymarketsareissuedbycompetitiveauctioninHongKongandthePhilippines.Incontrast,inChina,governmentbondsareplacedthroughadministrativeallocation,whichoftenleadstotheirpricesbeingbelowthemarket-determinedlevel.
IssuancepracticesforgovernmentbondsintherestofEastAsiafallsomewherebetweentheseextremes.Asexperienceandexpertisehavebeengained,thedifferencesinpracticesamongtheEastAsiancountrieshavesubstantiallynarrowed,andthefunctioningofprimarymarketsforgovernmentbondshastendedincreasinglytoapproximatethoseintheindustrialcountries.Issuancemethodsforprivatebondsvarywidelyacrosstheregion.InThailand,forexample,publicissuesofbondsaremorecumbersomethanprivateplacements,sinceissuersmustsatisfyvariousstipulationsoftheSecurityExchangeCommission.InthePhilippines,privatebondissuance—whichgenerallyconsistsofcommercialpaperwithamaturityoflessthanoneyear—islimitedtoahandfulofblue-chipcorporations.AmongtheEastAsiancountries,Koreahasthelargestcorporatebondmarket.AsistrueoftheprimarymarketsforEastAsiancountries’governmentbonds,practices,andproceduresforissuingcorporatebondsintheregionarebeginningtoconvergetocommonnormsbasedonbestpracticesprevailinginJapanandtheUnitedStates.Secondarymarket.EastAsiancountriesaregraduallybuildinganinfrastructureforsecondarymarketsforbonds,althoughtradinghasbeenmodestsofar.HongKongandKoreahavethemostactivesecondarymarkets,withaturnoverrateaveragingabout58percentin1993.IntheEastAsianbondmarket,tradinginanyparticularissueistypicallyactiveshortlyaftertheinitialofferingandtapersoffimmediatelyafter.Thus,secondarymarketactivitytendstoriseandfallwithprimarymarketactivity。
Tradinginbondsismostlyoverthecounter(OTC),asintheindustrialcountries,eventhoughbondsaregenerallylistedonstockexchanges.。
Exchangelistingisoftenseenasarequirementforwideningtheinvestorbaseandenhancingtheacceptabilityofbonds,particularlywheninstitutionalinvestorsareprohibitedfromholdingunlistedsecurities.ThepredominanceofOTCtradingisduetotherelativeeaseoftradingbecauseoftheabsenceofminimumtradingamounts,lessrestrictivetradingtimes,andexpeditiousandpromptsettlements.Forexample,virtually100percentoftradinginKoreatakesplaceontheOTCmarketeventhoughmorethan80percentofbondsoutstandingarelistedontheKoreanStockExchange.ThereareseveralimpedimentstothedevelopmentofavigorousandvibrantsecondarybondmarketinEastAsia.Theabsenceofacriticalmassofbondsandtherelativelysmallsizeofissuestendtoraisethetransactioncostsoftrading.Asfiscaldeficitsdeclineordisappear,thenumberandfrequencyofgovernmentbondissuesaredecliningintheEastAsiancountries,exceptinChinaandthePhilippines.Thoughthegapisbeingfilledbycorporatebonds,tradingvolumeinthelatterhasnotreachedthethresholdnecessaryforthedevelopmentofsecondarymarkettrading.Thisreflectsseveralrelatedfactors,suchasanarroweligibilitycriterionforbondissuesbycorporations,elaborateandlongdrawn-outissuingprocedures,theabsenceofastreamlinedregulatoryframework,anddiscriminatorytaxation.Moreover,institutionalholders,whoformthebackboneofthebondmarket,are“buyandhold”investorswhosemainobjectiveistoavoidorminimizemismatchesinthematuritiesoftheirassetsandliabilities.Thereisthuslittleincentiveforsecondarymarkettradinginbonds.Thesituation,however,isslowlychanging,withgreaterautonomybeinggiventothemanagersofpension,provident,andinsurancefundsandmoreflexibilitypermittedintheiroperations.
Otherfactors,suchasalackofmarketmakerswithaccesstoliquiditysupport,alsohamperbondmarketdevelopment.Bonddealersrunhighlyleveragedoperations,andtheirinventoriesusuallyrepresentacertainmultipleoftheircapitalbases.Dealerscanbemarketmakersonlyiftheyobtainliquiditythroughtherepurchasemarketorthecentralbankrediscountwindow.CreditfacilitiesofthistypearepresentlyunavailableinmostEastAsiancountries.
Thesecondarybondmarketalsoneedstobesupportedbyaninstitutionalinfrastructurethatincludes,amongotherthings,efficient
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